Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 328.455

Normal or late balancers--deduction for 2022 - 23 income year

  (1)   You can deduct for the 2022 - 23 income year an amount that is equal to the sum of:

  (a)   the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection   328 - 460(1) applies; and

  (b)   the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection   328 - 460(2) applies.

Early balancers--deduction for 2023 - 24 income year

  (2)   Subsection   (1) does not apply if your 2022 - 23 income year starts before 1   July 2022. Instead, you can deduct for your 2023 - 24 income year an amount that is equal to the sum of:

  (a)   the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection   328 - 460(1) applies; and

  (b)   the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection   328 - 460(2) applies.

These are bonus deductions under the Income Tax Assessment Act 1997

  (3)   The Income Tax Assessment Act 1997 has effect as if this section and section   328 - 460 of this Act were provisions of Division   25 of the Income Tax Assessment Act 1997 .

  (4)   Sections   8 - 10 and 355 - 715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.